Figuring Out How Much You Can Afford When Buying a Home
Determining your budget is a crucial step in the homebuying process. It ensures that you’re looking for homes that you can comfortably afford without straining your finances. Here’s a step-by-step guide on how to determine a budget for purchasing your next home.
1. Assess your financial situation
Income and expenses: Start by examining your monthly income and expenses. This includes your salary, any additional sources of income, and regular bills such as utilities, groceries, car payments, and student loans.
Savings and debt: Consider your savings, including any down payment funds, emergency fund, and retirement accounts. Also, calculate your total debt, including credit card balances,…
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